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Matthew Stafford's contract extension worth $53 million, according to report

Detroit Lions quarterback Matthew Stafford is on the verge of a monster new contract.

Gregory Shamus

More details are leaking out on Matthew Stafford's contract extension, and it's clear that he is going to get paid very, very well over the next five years.

According to Pro Football Talk, Stafford's three-year extension will be worth $53 million and come with a signing bonus of $27.5 million. Stafford will be under contract through 2017, and the total worth of his deal over the next five years will be $76.5 million. $43 million of that will be guaranteed.

Stafford's extension will end up netting the Detroit Lions around $7 million in cap space over the next two seasons, according to Pro Football Talk. A big reason why the Lions have wanted to extend Stafford is to lessen his cap hits over the next two years ($20.8 million and $19.3 million), and his new deal will do exactly that by giving them more room to work with.

When Stafford entered the NFL, he received a six-year deal worth $73.5 million, according to Spotrac. His original deal had $41.7 million guaranteed, and it was one of the last truly ridiculous contracts given out to a rookie. The Lions' salary cap situation would be much different right now if the rookie wage scale had been in place when Stafford was picked first overall back in 2009. It wasn't, though, and now Stafford is on the verge of cashing in on another big-time deal.

UPDATE: It appears as though Stafford's extension includes $41.5 million in guaranteed money, not $43 million.

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